Chapter 12 Flashcards
1
Q
Consideration is legal value bargained for and given in exchange for an _____ or a _______
A
Act or promise
2
Q
Refraining from something a person is not legally obligated to do is _____ ________
A
Valid consideration
3
Q
Courts do not examine the ________ ___ ________ unless fraud is alleged
A
Adequacy of consideration
4
Q
A person who agrees to obey the law has provided __ _______
A
No consideration (a preexisting duty)
5
Q
To be valid under the UCC, an agreement to modify a contract for the sale of goods:
A
Does not need new consideration
